Wearables: Enabling personalised life insurance
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Wellness is everywhere in life insurance. All sorts of insurers are trying to create reward schemes and loyalty programs. One of Australia’s leading life insurers, MLC, is leading the way in offering a reward scheme that centres on the data provided by a wearable device.
Being first in this space certainly provides for some big learning. One of these early learnings is the challenge of actually keeping watches on wrists. A new smart watch is a novelty, which can and does wear off, and it’s an ongoing challenge to keep customers motivated and engaged in the program.
The upside is that these challenges represent an opportunity to have an ongoing conversation with customers. And this is arguably of more value than the data itself!
Or is it?
About the speaker
David Hackett is the Executive General Manager of Insurance at the National Australia Bank. He spoke at the "Next Generation Insurance Customer: Bringing it to Life" which took place on 22-23 June 2016 at the Swiss Re Centre for Global Dialogue.